Making properties perform without raising rent is a special skill and one that is becoming increasingly important in the current moment of crisis. As rental income is growing more and more uncertain, it is essential to find other ways to generate revenue. Jason Yarusi is an asset management superhero, and he is here today to share some of his knowledge with us. In this episode, we learn more about property triage and ways to cut back the fat. Jason discusses his ‘water walk’ and how, through tenant education and simple upgrades, he has been able to cut back on his properties’ water expenditure significantly.
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We also discuss how interventions in common areas, like unnecessary lighting or electricity use, can save significant costs in the long-run. Jason highlights the importance of sidelining any non-urgent capital expenditure and why it’s necessary to be as conservative as possible. These are difficult times for tenants and landlords alike, and it is crucial to find joint solutions to these unexpected difficulties. We also discuss other ways to use leasing to create income drivers, tips on being proactive with tenant and investor communication, and Jason’s plan for the next few months. There is great advice for operators and investors alike, so be sure to tune in today!
Key Points From This Episode:
- Learn more about Jason’s background and the various hats that he wears.
- Find out more about property triage and some ways to cut the fat in these trying times.
- Why it is important to understand what landlords in surrounding buildings are doing.
- How reviewing your contracts and sourcing the market can help save costs.
- Learn more about other fees you can add in if you’re not making money from rent.
- The shortage of houses in the market means that there will still be lots of people leasing.
- How Jason is finding the balance between helping his tenants and running his business.
- Why it’s important to be proactive when communicating with your tenants at this time.
- Jason’s outlook and investing plan for the upcoming months, the mixed reaction from his investors, and more!
[bctt tweet=”Something that’s different than 12 years ago is that we are still at a complete housing constraint right now. — @JasonYarusi” username=”whitney_sewell”]
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About Jason Yarusi
Jason Yarusi is a real estate entrepreneur, speaker, mentor, and podcaster. He lives in New Jersey with his beautiful wife Pilialoha and has two lovely children Luke and Lily. While living in New York and Europe over the last 15 years, Jason has started several successful businesses beyond real estate, including a brewery. Jason is the Host of The REI Foundation podcast, a platform serving to help real estate investors take massive action through learning from the steps and missteps many industry pros have taken along the way. While not podcasting, Yarusi Holdings, a home solutions company, flips homes and operates beachside Airbnbs locally in New Jersey, while the multifamily division, Oak Capital Partners, focuses on acquisitions of large multifamily assets in the Mid-West and Southeast currently controlling over 100 units. Beyond real estate, Jason’s family business has elevated and moved homes and buildings for over 40 years. They have been a major factor in restoring the Jersey Shore after Hurricane Sandy. To date his company has lifted, remediated and made FEMA compliant over 1600 homes since the storm. Jason strives to continue to improve himself and to help others around him. Pili and Jason seek to help other couples achieve financial freedom through real estate, live the lifestyle of their choice, and provide a financial legacy for their family. Jason enjoys running and CrossFit and loves to wrestle with his two English Bulldogs, Jack and Jill, who happen to be the image and name for the New York City microbrewery and a restaurant. Finally, their focus is to raise communities to new heights across multiple platforms. If we all focus on making ourselves better first we are certain what we project with resonate with those around us.
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